Majority Leader | Research | The Leader Board | THE NEWSR...Skip to primary navigation Skip to content×Close THE NEWSROOMRemarks Press Releases The Leader Board Op-Eds Videos SENATE RESOURCESRepublican Senators Committees Congressional Record Congress.gov Senate Floor Webcast ABOUT LEADER THUNE×Close THE NEWSROOMRemarks Press Releases The Leader Board Op-Eds Videos SENATE RESOURCESRepublican Senators Committees Congressional Record Congress.gov Senate Floor Webcast ABOUT LEADER THUNExxsearchxMENUFacebookXInstagramFacebookXInstagramVisit Leader Thune's South Dakota Site Here THE NEWSROOMRemarks Press Releases The Leader Board Op-Eds Videos SENATE RESOURCESRepublican Senators Committees Congressional Record Congress.gov Senate Floor Webcast ABOUT LEADER THUNExxsearchxMENUHomeTHE NEWSROOMThe Leader Board01.07.26Americans Ring in the New Year With Lower Taxes and Gas PricesThanks to Republicans’ Working Families Tax Cuts and Pro-Energy Policies, 2026 Is Bringing Higher Tax Returns, Lower Taxes for All Americans, and Lower Gas Prices THIS YEAR, AMERICANS ARE GETTING LOWER TAXES, HIGHER TAX RETURNS, AND MORE MONEY IN THEIR POCKETS THANKS TO REPUBLICANS’ WORKING FAMILIES TAX CUTS“The average American will receive a federal tax cut of $3,752 in 2026 thanks to the bill, per an analysis from the Tax Foundation.” (Axios: How your county is affected by "big beautiful bill" tax cuts – 8/18/25)“When taxpayers file their 2025 tax returns in 2026, many will see larger refunds than in recent years. That’s due to the One Big Beautiful Bill Act (OBBBA), which reduced individual income taxes for 2025 by an estimated $144 billion.” (Tax Foundation: Tax Refunds and the One Big Beautiful Bill Act – 12/17/25)“But because the IRS did not adjust withholding tables after the law passed, workers generally continued to withhold more taxes from their paychecks than the new law required. As a result, instead of gradually receiving the benefit of the tax cuts through higher take-home pay during the year, most taxpayers will receive it all at once when they file their returns.” (Tax Foundation: Tax Refunds and the One Big Beautiful Bill Act – 12/17/25)“The law provides additional tax cuts to individuals and businesses on top of TCJA extensions, including new deductions for tipped and overtime income, an expanded child tax credit and standard deduction, and permanence for 100 percent bonus depreciation and domestic research and development (R&D) expensing.” (Tax Foundation: The One Big Beautiful Bill Cuts Taxes Across the US, New Analysis Finds – 8/13/25)Republicans’ Working Families Tax Cuts are bringing relief to every state and county in the country.(Axios: How your county is affected by "big beautiful bill" tax cuts – 8/18/25)IT’S NOT JUST TAX RETURNS; THE WORKING FAMILIES TAX CUTS CREATED NEW OPPORTUNITIES FOR AMERICANS TO HELP MAKE LIFE MORE AFFORDABLEThe Working Families Tax Cuts law included a “$124 billion investment in children of low- and middle-income families, in addition to the permanent, doubled child tax credit.” (U.S. Senate Committee on Finance: Crapo Highlights Tax Wins for Hardworking Americans and Main Street – 6/28/25)“The new tax law also raised and extended the maximum child tax credit to $2,200 per child for 2025, and scheduled future inflation adjustments.” (The Wall Street Journal: Can ‘Trump Accounts’ for Babies Change the Economics of Having a Family? – 12/2/25)“[M]ore people will be able to benefit from the triple tax-advantaged health savings account, or HSA,” “enabling millions more enrollees to open and contribute to HSAs without having to change insurance plans.” (USA Today: A favorite savings tool of financial advisers gets better with 'One Big Beautiful Bill' – 8/9/25; White House: Expansion of HSA Eligibility Under OBBB Act to Improve Marketplace Coverage, Affordability, and Access – 9/26/25)The law created new tax relief for tipped and overtime workers and gave those making less than $50,000 the largest proportional tax cut:Tipped wages, “up to $25,000 for qualified tips,” are no longer taxed, benefiting millions of American service workers. (U.S. Senate Committee on Finance: Crapo Highlights Tax Wins for Hardworking Americans and Main Street – 6/28/25)Overtime wages, “up to $12,500 for hourly workers who work overtime and keep America running,” are no longer taxed, increasing labor productivity and giving millions of hourly workers more take-home pay. (U.S. Senate Committee on Finance: Crapo Highlights Tax Wins for Hardworking Americans and Main Street – 6/28/25)Individuals making less than $50,000 per year are receiving the largest proportional benefit of Republicans’ tax cuts. (U.S. Senate Committee on Finance: One Big Beautiful Bill: New Tax Relief Overwhelmingly Benefits Working Class – 7/1/25)FOR THE FIRST TIME IN FOUR YEARS, NATIONAL GAS PRICES HAVE FALLEN UNDER $3, AND AMERICAN ENERGY PRODUCTION IS BOOMINGIn December, “[t]he national average for a gallon of regular gasoline hit a milestone… when it dipped below $3 a gallon for the first time in 4 years.” (AAA: National Average Dips Below $3 a Gallon for First Time in 4 Years – 12/4/25)This trend continued through the holiday season with 2025 being “the cheapest December at the pump since the end of 2020.” (AAA: Holiday Season Delivers Lower Gas Prices to End 2025 – 12/18/25)According to the Department of the Interior, in December, “[w]inning bids to drill for oil and gas over millions of acres in the Gulf of Mexico totaled more than $279 million…” (PoliticoPro: Interior offshore oil and gas lease sale nets $279M – 12/10/25)According to the Energy Information Agency, U.S. oil production hit a record high in 2025. (The Wall Street Journal: U.S. Crude Oil Stockpiles Rise as Production Hits Record – 11/13/25)“The first oil and gas Gulf lease sale during President Donald Trump's second term — and the first since 2023 — offered around 80 million acres of waters on the outer continental shelf to drilling companies.” (PoliticoPro: Interior offshore oil and gas lease sale nets $279M – 12/10/25)“The Trump administration has pushed to open new areas of U.S. lands and waters to oil and gas production. Working with Republicans in Congress, the administration has begun to carry out oil and gas lease sales required under the Republican megalaw, which Trump signed in July.” (PoliticoPro: Interior offshore oil and gas lease sale nets $279M – 12/10/25)Republicans’ Working Families Tax Cuts law unleashes American energy production and cuts red tape to lower energy prices for Americans:Authorizes responsible Alaska energy development. (U.S. Senate Committee on Energy and Natural Resources: Chairman Lee Releases Updated Energy & Natural Resources Title – 6/27/25)Eliminates Democrats’ natural gas tax, which “is essential to American energy dominance and protects American energy producers and workers from a constraint on natural gas production…” (U.S. Senate Committee on Environment and Public Works: Chairman Capito Releases Updated EPW Budget Reconciliation Text – 6/25/25)Rescinds 24 unobligated Inflation Reduction Act funds pertaining to Green New Deal-style projects, saving taxpayers $4.9 billion. (U.S. Senate Committee on Environment and Public Works: Chairman Capito Releases Updated EPW Budget Reconciliation Text – 6/25/25)Allows energy project sponsors to expedite environmental reviews. (U.S. Senate Committee on Environment and Public Works: Chairman Capito Releases Updated EPW Budget Reconciliation Text – 6/25/25)PrintEmailTweetNextPreviousTHE NEWSROOMSENATE RESOURCESABOUT LEADER THUNEFacebookXInstagram
